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Investor Contact: Stewart A. Fisher
EVP and CFO
For Immediate Release
Accellent Inc. Announces Fourth Quarter 2006 Financial Results
Wilmington, MA. (February 27, 2007) Accellent Inc. (the Company), a wholly owned subsidiary of Accellent Holdings Corp. (Accellent), announced results for the three and twelve months ended December 31, 2006.
Historical Financial Results
Fourth Quarter Financial Results
Net sales for the fourth quarter of 2006 decreased 11% to $107.8 million compared with $120.9 million in the corresponding period of 2005. The net loss for the fourth quarter of 2006 was $(7.7) million compared to a net loss in the corresponding period of 2005 of $(116.7) million.The net loss for the fourth quarter of 2005 includes $126.5 million in one-time charges related to the Kohlberg Kravis Roberts & Co. L.P. (KKR) and Bain Capital (Bain) acquisition of the Company on November 22, 2005 (the 2005 transaction). One-time charges primarily related to the 2005 transaction and incurred during the fourth quarter of 2005 include: merger related costs of $47.9 million, debt prepayment penalties of $29.9 million, write-off of deferred financing costs of $14.4 million, $2.4 million of bridge loan expenses, stock-based compensation charges of $13.1 million, inventory step-up charges of $10.8 million and in-process R&D write-offs of $8.0 million. The net loss for the fourth quarter of 2006 includes $1.8 million of primarily non-cash losses due to changes in the fair value of the Companys interest rate hedging instruments and $1.6 million in restructuring costs, partially offset by $1.2 million in non-cash stock-based compensation credits.
Twelve Months Financial Results
Net sales for the year ended December 31, 2006 increased 3% to $474.1 million compared with $461.1 million in the corresponding period of 2005. The net loss for the 2006 year was $(18.6) million compared to a net loss in the corresponding period of 2005 of $(104.8) million. The net loss for the year ended December 31, 2005 includes the one-time charges referenced above relating to the 2005 transaction. The net loss for the year ended December 31, 2006 includes inventory step up charges of $6.4 million, restructuring charges of $5.0 million and $1.1 million of non-cash stock-based compensation charges.
The following information was filed by Accellent Inc on Tuesday, February 27, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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